Love Funding closed a $50.4 million loan refinancing for Rock Creek Terrace, a 526-unit Section 8 apartment community in the Washington D.C. suburb of Rockville, Maryland.
Love Funding Senior Director Holly Bray of the Washington office secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Rock Creek Terrace was built in 1972 under Section 236 of the National Housing Act, and was most recently refinanced by Bray in 2008. When it was built, the owners entered into a Housing Assistance Payments (HAP) contract for 457 of the units in order to provide affordable rents for residents. The contract expired in 2002 and is currently renewed on an annual basis. The remaining 69 units are limited to low-income residents.
In October, Bray secured $20.5 million in FHA financing to substantially rehabilitate a historic building in downtown Kansas City, Missouri, for use as market-rate loft apartments.
For more information, contact Holly Bray at (202) 887-1849.